The future use of housing – 9 ways to benefit
Australians have absorbed a huge amount of change in the last ten years. When we look to the future, we see even more change in the wings, bringing with it financial opportunities.
So what is driving this? Firstly, there has been a rapid increase in our population. This has led to our properties reaching world-leading valuations and home-owners becoming increasingly open-minded about earning a side-income from unused spaces and occasions when their home is vacant.
We are also seeing lateral thinking about how residential spaces can be used. Residential spaces often have unique features and what is a home to one person can make a great photo-shoot location to someone else.
Further, the ability for us to do business, establish trusted relationships and receive funds securely is made possible due to on-demand technology on our mobile phones. It is now easy for us to earn a side-income without disrupting the rest of our lives.
Aggregating all these opportunities together in one place and providing helpful advice is the online market place incomeconnection.com.
A summary of the main options we are seeing are:
It is crazy to think that something so seemingly small is now a cause of stress for so many people. We are accustomed to renting residential parking spaces by the month but there is now a market to also rent spaces by the hour. The demand is for convenient parking spaces near workplaces, train stations, schools, sporting venues, shopping centres or universities. A parking space is a driveway, stretch of front lawn or a garage. It doesn’t need to be a covered or secure space. You can approve the transaction from your mobile phone. The amount you can earn depends on the location although $25 per day for casual parking and $300 per month for longer-term parking is a guide.
- Business events
Rent your home by the hour for business events and meetings. Currently available in Sydney for premium properties and coming soon for other locations, property types and event types. Rental is by the hour and is popular in Europe and in the US. The demand is due to a limited number of venues and businesses looking for location convenience or a venue they haven’t used before. For businesses that sell lifestyle products and services, a club or a commercial venue may not have the right atmosphere. Typical occasions include a staff /client workshop or a product launch. For these reasons as well as cost, businesses are a significant customer segment for Airbnb for meeting/work space bookings.
- Creative location
Soon you will be able to rent your home as a location for movies, TV shows, commercials and photo shoots. Popular overseas, an Australian online market place where you can list your home will be launching in the next few months. A TV show could pay $1,000 to use your home for a 14 hour day (yes, creative people work hard). Aside from the income, it is fascinating to watch a TV show being made and to meet the various people involved, if you choose to.
- Experience hosting
If you have travelled overseas recently you may have come across unique local experiences that people offer from their homes. Perhaps a tea ceremony in a Japanese home, or an Italian meal cooked lovingly by Tuscan matriarch. Authentic local experiences are now big business and Australia is a popular destination. If you have an idea for an experience, the market is both tourists and locals who are looking for something different to do. To give you a sense, popular experiences offered out of homes include a demonstration of a sustainable house, cooking classes and how to propagate succulents. Depending on inclusions, people pay up to $100 per person. There are several platforms that you can market your experience on.
Homes now are being designed for sharing, as Airbnb get into the property development business in the US. In Australia we are seeing this trend also as people make modifications to their homes with granny flat conversions. Others take advantage of Airbnb without making any structural changes, renting out their home when on holidays and during peak rental opportunities such as Christmas and new year. Others rent out a spare room year-round.
- Backyard camping
Newly marketed in Australia is backyard camping. If you have a stretch of level lawn in your back yard, then consider letting someone camp on it for a couple of nights. You may have a rural property which could be suitable. The typical camper is likely to be someone who is including your location as part of a broader tour of Australia. Not as lucrative as the other options listed here, with typical earnings of $30 per night, but offers an easy introduction to earning extra income.
With a rise in apartment living, there is increased demand for storage close to where people live. Commercial providers have gone some of the way towards meeting the demand, but there remains significant need for storage of rarely used items. Even small spaces in your home such as under the stairs and attics are valuable. $300 per space per month is a guide on how much could be earnt.
- Student hosting
A spare bedroom opens up the opportunity for an overseas student to stay, generating a reliable source of supplementary income of about $300 per week. There is also the benefit of getting to know someone from another culture.
Depending on your location, a flatmate can generate up to $300 per week.
Overseas and local trends are showing growth in these ‘side-gig’ opportunities as we regularly uncover new opportunities and put them on IncomeConnection. Australian entrepreneurs will continue to launch creative new platforms locally and overseas platforms will expand their services to Australians.
We are excited about the possibilities they will offer home owners.
As a final note, when making any changes to a home’s use, homeowners are advised to consult with their home and contents insurer and their tax adviser.
Melinda Livingstone is the founder of IncomeConnection: matching people seeking an income with opportunities to earn an income from the growing on-demand sharing economy and setting them up for success. She writes and speaks on the on-demand sharing economy and the opportunities it provides.